Dave’s Rants

So I was driving home on Wednesday evening having seen the blood on the ISEQ after Bank of Ireland released their results and someone from Davy’s Stockbrokers was on the radio recommending that everyone pile into the banking shares because they are such a good buy. Now this may be true, I for the record am still shorting some of the banks but the next day I see this post on The Property Pin

7) BN 8:27 *AIB, IRISH LIFE SHARE PRICE TARGETS `UNDER REVIEW’ AT DAVY
8 ) BN 8:27 *BANK OF IRELAND SHARE PRICE TARGET CUT 21% TO EU13 AT DAVY

So yes that’s right, at 18:30 on Wednesday they were ramping the share and then at 8:20 the next morning they were revising downwards their price target. Now you could contend that it’s still a buy even with the lower target but some disclosure would be nice. If you’re going to say how great a stock is one evening knowing you’ll be downgrading it the next evening it’d be nice.

On a similar topic, Shane Ross follows on from his recent eviserations of Eddie Hobbs with this diatribe against Davy’s Robbie Kelleher.

No better place than the Iseq index of Irish shares, Robbie’s area of expertise. On December 31, 2006, it closed at 9,408. Robbie and his lads predicted that it would increase by 15 to 20 per cent in 2007.

A 20 per cent rise would send it to 11,300. Not too close to last week’s 7,000 level. A 36 per cent margin of error.